Market Overview for Gala/Tether (GALAUSDT): Strong 24-Hour Rally Amid Rising Momentum

• Gala/Tether (GALAUSDT) rose 0.56% over 24 hours, closing at $0.01683 near a 15-min high.
• Price action showed a bullish breakout above 0.01666, confirmed by strong volume and higher lows.
• RSI and MACD both indicated positive momentum with no overbought warning at close.
• Volatility expanded during the late ET session, with price hovering near the upper Bollinger Band.
• No clear divergence between price and turnover was observed, suggesting aligned market sentiment.

Gala/Tether (GALAUSDT) opened at $0.0164 on September 15 at 12:00 ET and reached an intraday high of $0.01701 before closing at $0.01683 on September 16 at 12:00 ET. The total volume across the 24-hour period was 98,775,697.0 tokens, while the notional turnover amounted to $1,661,516.99. A strong late-session rally and consistent buying pressure marked the session.

Structure & Formations

Price found early resistance at $0.01666, with a breakout confirmed by a bullish candle on the 15-minute chart. A key support level was identified at $0.01652, where the asset found buying interest after initial bearish rejection. A notable bullish engulfing pattern emerged around 19:00–20:00 ET, followed by a series of higher highs and higher lows. A small doji at 01:15–01:30 ET suggests a temporary pause in momentum.

Moving Averages

On the 15-minute chart, price closed above both the 20-period (0.01671) and 50-period (0.01669) moving averages, indicating a short-term bullish trend. On a broader scale, the 50-period daily moving average sits at $0.01661, with the 200-period at $0.01649, suggesting a constructive alignment.

MACD & RSI

MACD crossed above zero and remained positive throughout the late ET session, with the histogram expanding after 19:00 ET. RSI reached 62.5 at close, well within the neutral to bullish range, with no signs of overbought conditions. The indicator’s upward slope suggests continued buying pressure may persist.

Bollinger Bands

Volatility increased after 19:00 ET as price approached the upper band, suggesting a breakout rather than a reversion. The bands had contracted earlier in the session, from 17:00 to 18:30 ET, followed by a sharp expansion. This contraction preceded a strong upward move, hinting at potential follow-through buying.

Volume & Turnover

Volume surged during the late ET rally, with the largest candle (at 06:00–06:15 ET) showing $0.01677 at $0.0168 with 9.06 million tokens traded. Turnover aligned with volume, with no significant divergence observed. Price and turnover moved in sync, confirming the breakout.

Fibonacci Retracements

Applying Fibonacci to the recent swing low at $0.01632 and high at $0.01683, the 50% retracement level is at $0.01658. Price tested this level twice and bounced, suggesting a strong intermediate support. The 61.8% level sits at $0.01664, where the price found temporary resistance before the late-session break.

Backtest Hypothesis

The backtesting strategy described aims to capture short-term breakouts by entering long positions when price closes above the upper Bollinger Band on the 15-minute chart, confirmed by a bullish engulfing pattern and a volume spike. A stop-loss is placed at the 50-period moving average, and a take-profit is set at the 61.8% Fibonacci level. The current price action aligns with this setup, with the recent breakout and volume confirming the strategy's entry criteria. A successful exit would require price to sustain above $0.01664 and reach $0.01683 within the next few hours.